How to make the promise of generative AI a material reality

The Current State of GenAI Adoption

While 91% of top US financial services and insurance companies have implemented some AI solutions, only 36% use GenAI widely across business functions. Many lack a blueprint for integrating GenAI into operations.

Step 1: Seize the Moment

The convergence of data, algorithms, and computing power creates a prime opportunity for GenAI innovation. Companies must develop a clear roadmap with milestones and metrics.

Step 2: Clearly Define the Problem

Focus on areas where GenAI will have the biggest impact and work backward to determine how it can deliver measurable outcomes. Avoid implementing GenAI for its own sake.

Step 3: Identify and Prioritize Opportunities

Focus GenAI projects on areas where it excels:

Step 4: Establish Guardrails

While clear goals and a focused development plan are crucial, maintain flexibility. Initial GenAI applications shouldn't be used "out-of-the-box" for customer-facing initiatives or without human oversight. Prioritise internal data over public LLMs initially.

Step 5: Weigh the Human Factor

Consider the emotional impact of GenAI on employees and redefine roles, upskill workforces, and maximize contributions. Integrate GenAI strategically, considering the interplay between humans and machines.